Morocco captures 60 percent of North Africa’s foreign capital flow
Morocco received three billion dollars in foreign investments in 2001, 60 percent of the total foreign capital flow to the North African region last year, reported Xinhua. The country’s Finance Ministry attributed its success to privatization, administrative and tax reform programs launched by the government.
The North African state hopes to lure $2.5 billion worth of foreign capital by the year’s end, half of which will be come from selling off several government owned companies, including the national car manufacturer and 20 percent of the Central Peoples Bank.
In early 2001, Moroccan Finance Minister Fathallah Oualalu announced that the country was seen as an attractive destination for foreign direct investments, noting the recent privatization of Maroc Télécom, along with a 40 percent rise in tourism and a 29 percent rise in expatriate remittances. He attributed the Kingdom’s recent boom in foreign investment to its strategic location and its integration into European markets. — (menareport.com)
© 2002 Mena Report (www.menareport.com)